Kerry Stokes plans to retire as chairman of Seven West Media in early 2026 as it merges with Southern Cross Media, the parent company of radio network Triple M.
The companies announced their all-scrip deal on Tuesday, in which Seven West shareholders will own 49.9 per cent of the combined group and Southern Cross shareholders, 50.1 per cent.
Mr Stokes will chair the combined group’s board of directors until February, when he will retire and Southern Cross chairman Heith Mackay-Cruise will take over.
“I have every confidence Heith will continue to guide the combined group successfully,” Mr Stokes said in a statement announcing the merger on Tuesday.
Seven West chief executive and managing director Jeff Howard will assume the same job in the new company, with Southern Cross chief executive John Kelly taking the new position as group managing director for audio.
The companies said the merger would establish a leading integrated media company with size and reach across metropolitan and regional Australia.
“It will add strength to each of the combined businesses’ television, audio, digital and publishing operations across the country,” Mr Stokes said.
In addition to the Seven Network, Seven West Media owns newspaper The West Australian and digital publication The Nightly.
Southern Cross Media owns 99 radio stations across Australia, including the Triple M and Hit networks.
Mr Mackay-Cruise said the combined group would offer a “one-stop shop” for advertisers to reach the critical demographic aged 25 to 54.
The group said the merger would allow the combined group to save $25 million to $30 million each year.
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